Govt to ask iron ore producers to reduce prices

New Delhi, Mar 27 (UNI) The government today said the hike in export duty on iron ore would only be taken as a last resort and producers will be asked to reduce the prices to control the rising steel prices.

''We have called a meeting of the iron ore producers on April 1 and will persuade them to reduce prices. Any hike in the export duty will be the last resort for the Government," Commerce Secretary G K Pillai told reporters here.

With the country registering record inflation of 5.92 per cent, the government is making efforts to persuade both steel manufacturers and iron ore producers to keep the prices under check.

Mr Pillai said the government will target exports of 220-225 billion dollars in the 2008-09 fiscal year that begins in April.

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